Default Notices Fall For 9th Straight Month

Default notices fell 2.0 percent in October and were 19 percent below year-before levels, according to RealtyTrac’s U.S. Foreclosure Market Report. It was the ninth-straight month they’ve decreased on a year-over-year basis. Total foreclosure activity was down 4.0 percent from the previous month and repossessions were down 9.0 percent. James J. Saccacio, chief executive officer at RealtyTrac, said the declines were probably due to the foreclosure freeze, which may lead to further decreases in November. More here and here.

Filed under: Uncategorized, Default Notices, Foreclosures, Housing Market, News, Real Estate, Repossessions, Trends

Foreclosures Up 4 Percent In Q3

One in every 139 housing units received a foreclosure filing during the third quarter. According to RealtyTrac’s U.S. Foreclosure Market Report, filings were reported on 930,437 properties, up nearly 4 percent from the previous quarter but down 1 percent from the third quarter of 2009. Scheduled auctions and bank repossessions hit record highs while new default notices were down one percent from the second quarter and 21 percent from last year. James J. Saccacio, chief executive officer of RealtyTrac, said the record number of foreclosures in the third quarter takes a bite out of the backlog of distressed properties. Foreclosure filings rose nearly 3 percent in September from a month earlier. More here and here.

Filed under: Uncategorized, Foreclosures, Housing Market, Inventory, News, Real Estate, Repossessions, Trends

Default Notices Drop 30 Percent From Last Year

The number of homeowners receiving initial default notices in August fell 1 percent from July and 30 percent from a year earlier. RealtyTrac’s August U.S. Foreclosure Market Report, shows total foreclosure filings, including default notices, scheduled auctions, and bank repossessions, were reported on 338,836 properties, a 4 percent increase from the month before and a 5 percent drop from 2009. James J. Saccacio, RealtyTrac’s chief executive officer, says the trend lines of decreasing default notices and increasing bank repossessions indicates the backlog of distressed properties is being carefully managed to avoid flooding the market and putting downward pressure on prices. More here, here, and here.

Filed under: Uncategorized, Delinquencies, Foreclosures, Housing Market, Inventory, News, Real Estate, Repossessions, Trends

Foreclosure Filings Up From June, Down From 2009

RealtyTrac’s U.S. Foreclosure Market Report for July shows foreclosure filings, including default notices, scheduled auctions, and bank repossessions, up nearly 4 percent from the month before. Filings were reported on 325,229 properties or one in every 397 housing units, which represents a 10 percent drop from July 2009. James J. Saccacio, chief executive officer of RealtyTrac, said the declines in new default notices have been offset by near-record levels of bank repossessions. Repossessions reached their second-highest monthly total since RealtyTrac began tracking them in April 2005 and were 1 percent below their peak in May of this year. More here, here, and here.

Filed under: Uncategorized, Foreclosures, Housing Market, News, Real Estate, Repossessions, Trends